Lux* Hotels: Rs 475M Profits in 2nd Semester Surge

Lux* has announced net profits of Rs 475 million for the second semester of 2023. France, the United Kingdom, La Réunion, and Germany continue to be Lux’s main markets, accounting for 56% of total arrivals.

The Réunion and French markets saw particularly strong growth, increasing by 34% and 20% respectively. Arrivals in the Maldives also rose by 10% compared to last year, with China reclaiming its top position and representing 13% of total semester arrivals.

For the quarter ending on December 31st, Lux benefited from the reopening of Lux* Belle-Mare, with hotels in Mauritius recording an 81% occupancy rate and a 24% increase in average daily rate. However, Lux* South Ari Atoll in the Maldives experienced a decrease in occupancy rate and revenue.

Despite this, the group’s overall revenue for the quarter grew by 26% to Rs 2.8 billion, and net profits increased by 47% to Rs 531 million. For the semester as a whole, Lux* reported a revenue increase of 21% and net profits of Rs 475 million. The company’s management remains optimistic about the future, highlighting the successful reopening of Lux* Belle Mare and satisfactory bookings for the upcoming quarter.

However, they also express caution regarding potential factors that could impact margins, including rising interest rates, inflation, and geopolitical conflicts. The Board of Directors has declared an interim dividend of Re 1.00 per share, to be paid on or around March 4th, 2024.

Source: Le Mauricien